SOC 2 Audits – Minneapolis (MN)

SOC 2 Examinations

Minneapolis  and Minnesota business owners need to ensure sensitive data is protected, especially when it comes to the financial and personal identification information (e.g. social security numbers) of customers and clients. Ensuring there are robust internal controls and cybersecurity policies and practices in place to protect against a breach is essential. Increasingly, many clients and customers are asking their vendors for a Systems Organization Control (SOC 2) Audit Report as a condition for doing business with them, or, in the case of contract renewals, continuing these relationships. A SOC 2 Report is an opinion on the effectiveness and design of an organization’s internal controls that meet the AICPA Trust Services Criteria. In essence, it is a statement verifying the effectiveness of an organization’s risk management efforts to protect the information of its customers and clients.

Minneapolis SOC 2 Audits

McKonly & Asbury provides SOC audits to companies in Minneapolis, Minnesota, and beyond. Typically, we work with organizations that use or store sensitive financial and personal data that cybercriminals want. Our clients include data centers, loan servicing companies, insurance companies, medical claims processors, payroll providers, and more. Broadly, any organization that provides services to customers that directly impact the customer’s financial statements would be a candidate for such a report. Service organizations should evaluate their needs along with their customers’ reporting needs prior to determining the type of SOC report that is applicable to their needs. There are two types of SOC 2 audits:

  • SOC 2 Type I – A SOC 2 Type I report is an opinion on management’s description of a service organization’s system and the suitability of their design of controls that meet the AICPA’s Trust Service Criteria for Security. It can also address Availability, Processing Integrity, Confidentiality, and/or Privacy, depending on the requirements of your customers. The report is made up of the auditor’s opinion, management’s assertion on the presentation and design of the controls, a description of the service organization’s systems and controls, and a listing of the organization’s controls. The SOC 2 Type I audit report differs from the SOC Type II in that the former covers ONLY the suitability of the design and addresses ONLY at one specific point in time.
  • SOC 2 Type II – A SOC 2 Type II report is an opinion on management’s description of a service organization’s system and the suitability of the design and operating effectiveness of controls that meet the AICPA’s Trust Service Criteria for Security. Similar to a SOC 2 Type I, this report can also address Availability, Processing Integrity, Confidentiality, and/or Privacy, depending on the requirements of your customers. A SOC 2 Type II audit report contains the same core components as a Type I, but Type II is expanded to include the procedures used by the auditor to test the stated controls and the results of such tests over a defined period, rather than a single point in time.

Map of Minneapolis (MN)

About Minneapolis (MN)

Minneapolis, Minnesota is a major economic center in the Upper Midwest  with a diverse and growing business community. Here are some of the most prominent sectors:

  1. Finance: Minneapolis is home to several major financial institutions, including U.S. Bank, Wells Fargo, and Ameriprise Financial, among others.
  2. Healthcare: Minneapolis has a strong healthcare sector, with major hospitals and medical centers, including the Mayo Clinic and the University of Minnesota Medical Center.
  3. Retail: Minneapolis has a thriving retail industry, with the Mall of America located nearby in Bloomington, Minnesota. The city is also home to many local boutiques and specialty shops.
  4. Technology: Minneapolis has a growing technology sector, with many startups and established companies in fields such as software development, cybersecurity, and biotech.
  5. Manufacturing: Minneapolis has a strong manufacturing industry, with companies specializing in medical devices, aerospace, and defense, among other areas.

Overall, the business community in Minneapolis is known for its innovation, collaboration, and commitment to sustainability. The city is home to many small and large businesses alike, and has a thriving entrepreneurial spirit.

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McKonly & Asbury provides SOC 2 Audit services remotely to businesses in Minneapolis  from our Pennsylvania office locations. Interested in learning more about the SOC 2 audit services offered to companies in Minneapolis and Minnesota. Complete the form below and we will follow up with you shortly.

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